Dogecoin price climbed by over 15% on Friday, reaching $0.24 at press time. As capital rotations accelerate in the memecoin sector, BTC/DOGE correlation trends and surging derivatives market activity suggest Dogecoin may be gearing up for another explosive move.
Dogecoin Price Gains Another 15% as DOGE/BTC Correlation Flips Bullish
Dogecoin (DOGE) has surged into a vertical rally over the past 48 hours, adding over $10 billion to its market capitalization in a sharp response to revived risk appetite.
While Bitcoin price remains capped below $105,000, DOGE has emerged a dominant short-term play for traders capitalizing on the market sentiment.
DOGE currently trades at $0.2365, up 15.1% on the day and gaining nearly 14.9% against Bitcoin, with the DOGE/BTC pair printing 0.052289 BTC.
Dogecoin (DOGE) price | Coingecko
This relative strength underscores a key inflection point in the DOGE/BTC correlation, which has now flipped decisively bullish for the first time since early 2024.
The DOGE rally appears driven by short-term capital reallocations from BTC into high-volatility assets, with traders favoring speculative altcoins in anticipation of broader market risk-on continuations.
The current dynamic aligns with DOGE’s historical behavior, where the token often sees outsized gains during Bitcoin consolidation phases.
In the current case, DOGE’s breakout above the $0.20 resistance zone with increasing volume confirms growing conviction among short-term speculators, while price stability near daily highs indicates limited profit-taking pressure so far.
$670 Million Surge in Dogecoin Open Interest Signals More Gains Ahead
The rapid increase in Dogecoin’s spot price is now being validated by an even sharper surge in derivatives market activity.
Open Interest in DOGE futures has surged 23.52%, increasing $670 million in 24-hours, to $2.76 billion, outpacing the token’s 15% price gain over the same period.
This divergence highlights not just bullish price action but also a deepening commitment among traders anticipating further upside, as more capital is now actively engaged in DOGE positions across major exchanges.
Rising open interest paired with expanding volume, up 14.07% to $7.22 billion, suggests DOGE’s market depth is improving.
Dogecoin Derivatives Market Analysis, May 10 2025 | Source: Coingecko
This can help stabilize the asset during near-term pullbacks while offering a cushion against abrupt volatility spikes.
Notably, the options market is also showing strong directional bias. Options volume rose 26.96% to $410.4 million, and open interest in DOGE options jumped by 69.35% to $631,910, indicating robust speculative demand from sophisticated traders looking to leverage near-term momentum.
Further reinforcing the bullish outlook is the long/short ratio across top exchanges. On Binance, the long/short account ratio stands at 2.308, while OKX reports a ratio of 2.49, indicating a clear bullish skew in trader positioning.
Among top traders, the imbalance is even more pronounced, with Binance showing a long/short position ratio above 3.1. These metrics point to broad conviction that the current rally has room to extend.
In conclusion, the convergence of rising price action, outsized open interest growth, and bullish sentiment in both futures and options markets suggests that Dogecoin is not merely in a short-term speculative phase.
Dogecoin Price Forecast Today: DOGE Eyes $0.26 as Bullish Momentum Intensifies
Dogecoin price forecast signals lean bullish after a 15.69% rally on Saturday, May 10, 2025.
Trading at $0.2375, DOGE price has now broken decisively above its Keltner Channel midline resistance, and now eyes a move toward the $0.26-$0.28 range.
This strong breakout coincides with a significant uptick in DOGE trading volume and a widening of the Keltner Channels, indicating a surge in volatility that often precedes continuation rallies.
The Relative Strength Index (RSI) now sits at 79.71, deep in overbought territory, which typically signals caution but in the context of a breakout rally can reflect strong bullish sentiment and sustained momentum.
Dogecoin Price Forecast | DOGEUSDT
The BBP (Bollinger Band Percentage) has risen sharply to 0.06458, confirming a bullish expansion phase as DOGE decisively exits its previous compression range.
The RSI’s divergence from its moving average further emphasizes accelerating bullish pressure. Moreover, DOGE’s candles have broken above the upper Keltner band at $0.22, invalidating prior resistance.
This move mirrors similar technical action observed in Bitcoin price forecast today, where BTC also shows strength above key moving averages with elevated RSI levels, offering broader market support to DOGE’s rally.
While a brief pullback cannot be ruled out due to short-term overextension, the structure remains intact as long as DOGE stays above $0.21.
Bears would require a rejection below the Keltner midline and a BBP reversal to reclaim control, but current price action suggests that bulls are setting the tone toward the $0.26 liquidity pocket
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